Organovo reports 11% revenue increase in Q1 2018 due to tissue research demand

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Following a demand for tissue development research, 3D bioprinting material provider Organovo (NASDAQ:ONVO) has reported a total revenue of $1.0 million for the first quarter of FY 2018, an 11% increase on the same period in 2017.

With the results, the company also affirms its outlook for the full-year, expecting total revenue to reach $6.0 million – $8.5 million by the end of FY 2018, compared to annual turnover of $4.2 million in 2017.

Total loss from operations in Q1 2018 was $10,200,000, and Q1 2017 reported $8,777,000. The increased expenditure was received across the board in cost of revenues, general and administrative expenses, and research and development.

In Q1 2017, Organovo revenue from products and services was valued at $674,000 for period ending June 30 2016. In the same period of Q1 2018, revenue gathered from tissue sales and research as a service created an increase to $944,000.

In a statement on the report Organovo CEO Taylor J. Crouch comments, “Demand for compound screening in disease models is growing, with new applications frequently emerging as clients seek novel solutions in their drug discovery workflow.”

Meeting demand

Placing special emphasis on the company’s R&D activities, Crouch highlights requests for new biological models, and the success of tissue treatments in animals. He asserts that around 70% of tissue research service requests were received from existing clients.

Throughout FY 2018, Organovo is committed to continuing live studies of its proprietary liver and kidney materials. Crouch also confirmed that the company will start seeking orphan designation of its tissues.

U.S. designation would mean that Organovo products could be used treat a rare disease or condition upon request.

Closing statements

Organovo’s consolidated statement of operations and balance sheet can be viewed below.

Beau Jackson is Deputy Editor at 3D Printing Industry. With a longstanding commitment to the site's content, she is credited with producing more articles than any other author in its history. Well-versed in the latest 3D printing research and legal/regulatory challenges, her repertoire spans aerospace, automotive, maritime, medical and creative industries. She is a keen speaker and active representative of the company at key additive manufacturing events.